Personal Assets and Savings
As you've worked through the previous worksheets and calculations, you may have discovered the potential for:
- A time gap between your PERS retirement age and your eligible age to draw Social Security
- A projected income gap between your combined PERS and Social Security income and your retirement income needs
Some methods to fill these gaps are:
- Delay your retirement
- Reduce your retirement income goal (needs)
- Work during retirement (part-time or periodically)
- Use other retirement plans you may have
- Use personal assets and savings
If you decide delaying retirement, reducing your retirement income needs, or working in retirement is not
desirable, using or building personal assets and savings is the remaining option. There are a number of
different ways to build personal assets and savings. Depending on your employer, you may have access to
tax-advantaged retirement savings programs such as:
- Section 403(b) Tax Sheltered Annuities
- Section 457 Deferred Compensation Plans
- Section 408 Plans (Traditional or Roth IRAs)
You may wish to explore the availability of these options with your employer. You may also invest in
regular (taxed) savings and investment plans.
To start building sufficient personal assets and savings, you may wish to:
- Determine how much you currently have in personal assets and savings
- Determine if your current personal assets and savings will grow sufficiently to fill your
retirement income gaps
- Determine how much additional savings you will need to fill anticipated income gaps
Full financial planning is not the purpose or intent of this information. You may wish to consult with a
financial planner or use other resources such as reliable books or internet sites to assist in planning your
personal assets and savings growth.
